Safes are used in many indoor and outdoor environments to restrict access to various items by providing an enclosure with a door or other such access port. The port includes a locking mechanism, such as, for example, a combination lock, padlock, or key operated latch, to limit access to the contents of the safe to one or more authorized users. Some applications may require secure storage of a smaller item, such as, for example, a key. One example of such a situation involves a key used to operate a vehicle or to gain access to a portion of a vehicle or structure attached to a vehicle, such as, for example, a trunk, trailer, or car top/cargo carrier. Where multiple users require access to such a key, it may be desirable to store the key on or near the vehicle with which the key is used. While keeping the key in an unsecured location would risk loss or theft of the key, compromising the lock with which the key is associated, conventional safes and other locking enclosures may be impractical or ineffective for securely storing the key. A larger locked enclosure, such as a storage shed, locker, or larger safe would not be portable, which would prevent availability of the key when the vehicle is in other locations. A smaller, more portable safe, if kept in a location where any potential authorized user may access it, may be at risk of loss or theft of the entire safe, along with its contents.